The idea that Facebook was creating its own cryptocurrency intrigues on many fronts. First of all the thought that a private company could take over such a large and public space usually occupied by governments. While I am not suggesting that Libra, Facebook’s cryptocurrency will replace government issue money but if we think that this may not create a copy economy we deceive ourselves at our own risk. In a world were retail giants have fallen silent in the face of Amazon, why should we think it impossible that the government wouldn’t outsource the responsibility for creating currency. We outsource many aspects of our military to Blackwater, our prisons are outsourced to private companies, why not our economy. Why suffer the slings and arrows of uncertainty when we can gleefully turn that responsibility to a conglomerate. The only thing that may make this run a fowl would be the fact that only 27% of Facebook users believe that “Facebook is committed to protecting the privacy of my personal information.” while one might forgive even offer up for sacrifice our data for the latest photo of someones the first course, when it comes to our money, I like to think we take things a bit more seriously. But perhaps that is mistaken. While one of those large banks repeatedly stole from customers and yet, after a slap on the wrist from regulators and still, people gladly trade their dignity as consumers to work with a bank of established liars and thieves. Perhaps we shouldn’t worry about businesses too big to fail and worry about the cost of ones that succeed
If banks can be thought too big to fail, maybe we need to work that Facebook may be too dangerous to succeed.